1. Following the previous week bearish move, the pair has broken the 1.14 support. The pair has tried to push lower but it has found a temporary bottom as a correction rally is started. The rally has managed to push the pair back above 1.14 region as the weekly candle closes.
2. If the pair managed to find further support on 1.14, it will extend the correction rally towards the 1.15 region where it is expected to find significant resistance.
3. Any rejection signal found on 1.15 region would be taken as continuation signal towards the downside target at 1.1125 region. On the flipside, a break above 1.15 would invalidate the downtrend and target further upside at 1.175 which is the EMA 21.
Bias
Long-term: Bearish
Short-term: Bullish
2. If the pair managed to find further support on 1.14, it will extend the correction rally towards the 1.15 region where it is expected to find significant resistance.
3. Any rejection signal found on 1.15 region would be taken as continuation signal towards the downside target at 1.1125 region. On the flipside, a break above 1.15 would invalidate the downtrend and target further upside at 1.175 which is the EMA 21.
Bias
Long-term: Bearish
Short-term: Bullish